JPM SERIES TRUST
Supplement dated August 28, 1997 to the following Prospectuses:
JPM Pierpont Shares: Tax Aware U.S. Equity Fund dated 6/25/97, as supplemented
7/30/97
JPM Pierpont Shares: Tax Aware Disciplined Equity Fund dated 6/25/97, as
supplemented 7/30/97
Effective September 1, 1997, the redemption fee payable for each Fund will be
reduced from 2% for shares held less than one year and 1% for shares held at
least one year but less than five years to 1% for all shares held less than 5
years.
1. The information under the caption "Redemption Fees" in the EXPENSE TABLE on
page 1 is replaced with the following:
JPM Pierpont Shares: JPM Pierpont Shares:
Tax Aware U.S. Tax Aware Disciplined
Equity Fund Equity Fund
Redemption Fees(2):
Shares held less than 5 years .........1% 1%
Shares held 5 years or more............None None
2. Footnote 2 under the EXPENSE TABLE is replaced in its entirety with the
following:
2 Redemption fees are retained by the Fund and are not paid to any other entity.
Each Fund intends, whenever possible, to pay redemptions in excess of $250,000
in the Tax Aware U.S. Equity Fund and $500,000 in the Tax Aware Disciplined
Equity Fund by an in-kind distribution of portfolio securities. There will be no
redemption fee charged on in-kind distributions.
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3. The caption "Assuming Redemption at the End of Each Period" in the expense
EXAMPLE on page 2 is replaced in its entirety with the following:
JPM Pierpont Shares: JPM Pierpont Shares:
Tax Aware U.S. Tax Aware Disciplined
Equity Fund Equity Fund
Assuming Redemption at
the End of Each Period
1 Year $ 19 $16
3 Years $ 37 $28
5 Years $ 47 $31
10 Years $105 $69
4. The last sentence in the second paragraph under the heading "REDEMPTION OF
SHARES - METHOD OF REDEMPTION" is replaced with the following:
The cash proceeds of any redemption will be reduced by the 1% redemption fee for
shares held less than five years.
5. The table in the first paragraph under the heading "REDEMPTION OF
SHARES-REDEMPTION FEE" is replaced in its entirety with the following:
Redemption Fee Rate as a Percentage of Gross
Redemption Proceeds
YEAR SINCE PURCHASE
Shares held less than 5 years 1%
Shares held 5 years or more None